General Motors announced that its newest car, the Chevrolet Sonic, will start just a hair under $15,000.

That price is for the bare-bones Sonic, with a 1.8-liter, four-cylinder engine that produces 138 horsepower and 125 pound-feet of torque. It comes with a five-speed manual transmission, remote keyless entry, power door locks and 10 air bags.

If you want to opt for an automatic transmission, the MSRP will jump an additional $1,070.

EPA fuel efficiency numbers aren’t yet available for the subcompact Sonic, but Chevrolet says the car is expected to get 40 miles-per-gallon on the highway.

The price put the 2012 Chevrolet Sonic Sedan in direct competition with the Ford Fiesta, the Honda Fit, the Toyota Yaris and Nissan Versa.

The Sonic is replacing the outdated Chevrolet Aveo. It is set to hit dealer lots this fall.